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Messaging Startup Slack Creates $80 Million Fund to Invest in Other Startups

The $2.8 billion software company has more than 2 million users and plenty of cash to invest.

Slack Technologies, a Silicon Valley darling that's raised more than $300 million, wants to give some of that money back. The startup, which runs a popular corporate chat service, is forming an $80 million venture fund to invest in other startups.

Stewart Butterfield, chief executive officer of Slack, said his company is contributing more than half of the total fund. The rest will come from some of Slack's own backers. The fund will invest about $100,000 to $250,000 in smaller startups building applications that work with Slack's messaging service, Butterfield said.